I find with most electronics, and MOST plastics that encase them, they do very well with a short ride (20 min or so) in the oven set at 100-120 deg. Dries up all water and leaves ALMOST nothing behind. I have done this with 2 digital cameras, 1 underwater camera, 2 watches with the back removed, and a laptop with no ill effects.
Before you freak out, think of it as leaving it in a car on a hot day.

I find with most electronics, and MOST plastics that encase them, they do very well with a short ride (20 min or so) in the oven set at 100-120 deg. Dries up all water and leaves ALMOST nothing behind. I have done this with 2 digital cameras, 1 underwater camera, 2 watches with the back removed, and a laptop with no ill effects.
Before you freak out, think of it as leaving it in a car on a hot day.

Yeah, if you can shut off the battery very soon after it gets wet, that's 90% of the problem. (DC battery power on wet electronics tends to cause severe damage to the copper foil patterns on the receiver, like eating them away. The first thing to go is often the extremely thin gold plating.)

I've found it's also a good idea to give the electronics a rinse with a bit of distilled water to get rid of any contamination that might have been in the dunking.

Then, bake it dry at about 100-120 degrees F. As far as the electronics goes, most of that stuff is rated to 150 F, or even higher when its not powered up. Some of those electronic parts are rated over 200 F.

Remember awhile back, Spektrum ran a magazine ad where they placed their receiver inside an enviromental chamber, and heated the receiver til it quit. That receiver quit AFTER the plastic shell around the receiver melted. Something over 300 F if memory is correct.

This works on cell phones that have fallen into rivers, and probably works for our electronics too: Put some dry uncooked rice in a small Tupperware container with the lid off and heat in the oven until warm. Then pop the receiver (or whatever) in and put the lid on and let it sit for a day.

A friend of mine used to work on CB radios.
One day a guy brought in a high end CB base station unit that he had somehow spilled a glass of orange juice into.
Then he dried the radio with a hair dryer !
If only he had rinsed it out with water. The citric acid ate up every tuning coil and small wires in the whole radio. It was a mess inside, sticky goo every where.

One of my daughters cell phones went through the entire cycle of the washing machine.
I took the back & battery off, shook the water out and let it sit in the sun coming through a south facing window, I think the phone got to 110 degrees or so, it worked fine after that, until she fell into salt water about 3 weeks later.